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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zynex Inc | NASDAQ:ZYXI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.27 | 2.47% | 11.21 | 10.72 | 17.19 | 11.22 | 10.965 | 10.97 | 113,340 | 05:00:13 |
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•
The selling stockholders identified in this prospectus supplement are offering an aggregate of 1,250,000 shares of our common stock. We will not receive any of the proceeds from the sale of the shares of our common stock by selling stockholders.
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•
Our common stock is listed on the Nasdaq Capital Market under the symbol “ZYXI.”
•
The last reported sale price for our common stock on the Nasdaq Capital Market on July 13, 2020 was $26.11 per share.
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Per Share
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Total
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Public offering price
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| | | $ | 22.00 | | | | | $ | 27,500,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 1.54 | | | | | $ | 1,925,000 | | |
Proceeds, before expenses, to the selling stockholders
|
| | | $ | 20.46 | | | | | $ | 25,575,000 | | |
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B. Riley FBR
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Ladenburg Thalmann
|
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H.C. Wainwright & Co.
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Northland Capital Markets
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For the Three Months Ended
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For the
Year Ended 2018 |
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March 31,
2018 |
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June 30,
2018 |
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September 30,
2018 |
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December 31,
2018 |
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Total Net Revenue
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| | | $ | 6,876 | | | | | $ | 7,573 | | | | | $ | 8,131 | | | | | $ | 9,337 | | | | | $ | 31,917 | | |
Net Income
|
| | | $ | 1,921 | | | | | $ | 2,418 | | | | | $ | 2,591 | | | | | $ | 2,622 | | | | | $ | 9,552 | | |
Adjusted EBITDA
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| | | $ | 2,043 | | | | | $ | 2,810 | | | | | $ | 2,955 | | | | | $ | 3,120 | | | | | | | | |
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For the Three Months Ended
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For the
Year Ended 2019 |
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For the
Three Months Ended March 31, 2020 |
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March 31,
2019 |
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June 30,
2019 |
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September 30,
2019 |
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December 31,
2019 |
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Total Net Revenue
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| | | $ | 9,196 | | | | | $ | 10,297 | | | | | $ | 11,817 | | | | | $ | 14,162 | | | | | $ | 45,472 | | | | | $ | 15,228 | | |
Net Income
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| | | $ | 2,350 | | | | | $ | 2,162 | | | | | $ | 2,033 | | | | | $ | 2,947 | | | | | $ | 9,492 | | | | | $ | 2,937 | | |
Adjusted EBITDA
|
| | | $ | 2,461 | | | | | $ | 2,818 | | | | | $ | 2,805 | | | | | $ | 4,053 | | | | | | | | | | | $ | 3,023 | | |
Reconciliation of GAAP to Non-GAAP Measure
(in thousands) |
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For the Three Months Ended
|
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March 31,
2017 |
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June 30,
2017 |
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September 30,
2017 |
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December 31,
2017 |
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March 31,
2018 |
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June 30,
2018 |
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September 30,
2018 |
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Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
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| | | $ | 353 | | | | | $ | 1,504 | | | | | $ | 2,200 | | | | | $ | 3,308 | | | | | $ | 1,921 | | | | | $ | 2,418 | | | | | $ | 2,591 | | |
Depreciation and Amortization*
|
| | | | 64 | | | | | | 74 | | | | | | 111 | | | | | | 37 | | | | | | 25 | | | | | | 42 | | | | | | 59 | | |
Stock-based compensation expense
|
| | | | 24 | | | | | | 13 | | | | | | 9 | | | | | | 249 | | | | | | 63 | | | | | | 53 | | | | | | 76 | | |
Interest expense and other (benefit), net
|
| | | | 121 | | | | | | 394 | | | | | | 691 | | | | | | 244 | | | | | | 115 | | | | | | 37 | | | | | | 1 | | |
Income tax expense (benefit)
|
| | | | 9 | | | | | | 36 | | | | | | 44 | | | | | | 40 | | | | | | (81) | | | | | | 260 | | | | | | 228 | | |
Adjusted EBITDA
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| | | $ | 571 | | | | | $ | 2,021 | | | | | $ | 3,055 | | | | | $ | 3,878 | | | | | $ | 2,043 | | | | | $ | 2,810 | | | | | $ | 2,955 | | |
Reconciliation of GAAP to Non-GAAP Measure
(in thousands) |
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For the Three Months Ended
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December 31,
2018 |
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March 31,
2019 |
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June 30,
2019 |
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September 30,
2019 |
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December 31,
2019 |
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March 31,
2020 |
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Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
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| | | $ | 2,622 | | | | | $ | 2,350 | | | | | $ | 2,162 | | | | | $ | 2,033 | | | | | $ | 2,947 | | | | | $ | 2,937 | | |
Depreciation and Amortization*
|
| | | | 62 | | | | | | 66 | | | | | | 76 | | | | | | 50 | | | | | | 60 | | | | | | 68 | | |
Stock-based compensation expense
|
| | | | 178 | | | | | | 139 | | | | | | 158 | | | | | | 259 | | | | | | 264 | | | | | | 497 | | |
Interest expense and other (benefit), net
|
| | | | 0 | | | | | | (880) | | | | | | 0 | | | | | | 0 | | | | | | 4 | | | | | | 4 | | |
Income tax expense (benefit)
|
| | | | 258 | | | | | | 786 | | | | | | 422 | | | | | | 463 | | | | | | 778 | | | | | | (483) | | |
Adjusted EBITDA
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| | | $ | 3,120 | | | | | $ | 2,461 | | | | | $ | 2,818 | | | | | $ | 2,805 | | | | | $ | 4,053 | | | | | $ | 3,023 | | |
20% Effective Tax Rate
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For the
Three Months Ended June 30, 2020 |
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Adjusted EBITDA: | | | | | | | |
Net income
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| | | $ | 3,291 | | |
Depreciation and Amortization*
|
| | | | 97 | | |
Stock-based compensation expense
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| | | | 579 | | |
Interest expense and other, net
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| | | | 5 | | |
Income tax expense
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| | | | 928 | | |
Adjusted EBITDA
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| | | $ | 4,900 | | |
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10% Effective Tax Rate
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For the
Three Months Ended June 30, 2020 |
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Adjusted EBITDA: | | | | | | | |
Net income
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| | | $ | 3,347 | | |
Depreciation and Amortization*
|
| | | | 97 | | |
Stock-based compensation expense
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| | | | 579 | | |
Interest expense and other, net
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| | | | 5 | | |
Income tax expense
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| | | | 372 | | |
Adjusted EBITDA
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| | | $ | 4,400 | | |
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Beneficial
Ownership Before Offering |
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Total
Shares of Common Stock Offered By Selling Stockholder |
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Beneficial
Ownership After Offering (Without Option) |
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Beneficial
Ownership After Offering (With Option) |
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Selling Stockholder
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Shares
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Percent(1)
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Shares
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Percent(1)
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Shares
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Percent(1)
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Thomas Sandgaard
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| | | | 2,574,642(2) | | | | | | 7.7% | | | | | | — | | | | | | 2,574,642(3) | | | | | | 7.4% | | | | | | 2,574,642(3) | | | | | | 7.4% | | |
Sandgaard Holdings, LLC(4)
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| | | | 13,932,000 | | | | | | 41.6% | | | | | | 1,250,000 | | | | | | 12,682,000 | | | | | | 36.5% | | | | | | 12,494,500 | | | | | | 35.8% | | |
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Public offering price per share
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| | | | | | | | | $ | 22.00 | | |
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Net tangible book value per share as of March 31, 2020
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| | | $ | 0.70 | | | | | | | | |
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Increase in net tangible book value per share attributable to this offering and the Concurrent Offering
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| | | $ | 0.71 | | | | | | | | |
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As adjusted net tangible book value per share after giving effect to this offering and the
Concurrent Offering |
| | | | | | | | | $ | 1.41 | | |
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Dilution in net tangible book value per share to new investors
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| | | | | | | | | $ | 20.59 | | |
(amounts in thousands, except per share information)
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Actual
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As Adjusted
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(Unaudited)
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Cash and Cash Equivalents
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$
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14,585
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$
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39,765
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Stockholders (deficit) equity: | | | | | | | | | | | | | |
Common Stock, $0.001 par value per share, 100,000,000 shares authorized; 33,177,582 shares issued and outstanding (actual); 34,427,582 shares issued and outstanding (as adjusted)
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$
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34
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| | | |
$
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35
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Additional Paid-in Capital
|
| | |
$
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9,916
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$
|
35,095
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Treasury Stock
|
| | |
$
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(3,846)
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$
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(3,846
)
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Retained Earnings
|
| | |
$
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17,293
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$
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17,293
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Total Stockholders’ Equity
|
| | |
$
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23,397
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$
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48,577
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Total Capitalization
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| | |
$
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23,397
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$
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48,577
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Underwriter
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Number of Firm Shares
|
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Piper Sandler & Co.
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| | | | 875,000 | | |
B. Riley FBR, Inc.
|
| | | | 125,000 | | |
Ladenburg Thalmann & Co. Inc.
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| | | | 125,000 | | |
H.C. Wainwright & Co., LLC
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| | | | 62,500 | | |
Northland Securities, Inc.
|
| | | | 62,500 | | |
Total | | | | | 1,250,000 | | |
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Total
|
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| | |
Per Share
|
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Without Option
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With Option
|
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Public offering price
|
| | | $ | 22.00 | | | | | $ | 27,500,000 | | | | | $ | 31,625,000 | | |
Underwriting discounts and commissions
|
| | | $ | 1.54 | | | | | $ | 1,925,000 | | | | | $ | 2,213,750 | | |
Proceeds, before expenses, to Selling Stockholders
|
| | | $ | 20.46 | | | | | $ | 25,575,000 | | | | | $ | 29,411,250 | | |
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Product Name
|
| |
Description
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|
Zynex Medical Products | | | | |
NexWave | | | Dual Channel, multi-modality IFC, TENS, NMES Device | |
NeuroMove | | | Electromyography (EMG) triggered Electrical Stimulation Device | |
InWave | | | Electrical stimulation for treatment of female urinary incontinence | |
TENSWave | | | Dual Channel TENS Device | |
Private Labeled Supplies | | | | |
Electrodes | | | Supplies, re-usable for delivery of electrical current to the body | |
Batteries | | | Supplies, for use in electrotherapy products | |
Product Name
|
| |
Description
|
|
Distributed Complementary Products | | | | |
Comfortrac | | | Cervical traction | |
JetStream | | | Hot/Cold therapy | |
LSO Back Braces | | | Lumbar support | |
Zynex Monitoring Solutions Products | | | | |
Non-Invasive Blood Volume Monitor | | | Blood Volume Monitor | |
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Beneficially ownership
prior to the Offering(1) |
| |
Number of Shares
Offered |
| |
Beneficially ownership
after the Offering(5) |
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Selling Stockholder
|
| |
Shares
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%
|
| |
Shares
|
| |
%
|
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Thomas Sandgaard
|
| | | | 17,055,392(2) | | | | | | 52.00% | | | | | | 2,129,571 | | | | | | 393,821(3) | | | | | | 1.2% | | |
Sandgaard Holdings, LLC
|
| | | | 14,532,000(4) | | | | | | 44.84% | | | | | | 14,532,000 | | | | | | 0 | | | | | | 0% | | |
|
B. Riley FBR
|
| |
Ladenburg Thalmann
|
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H.C. Wainwright & Co.
|
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Northland Capital Markets
|
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1 Year Zynex Chart |
1 Month Zynex Chart |
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